BrokerageIndustry News

Home construction sinks in California

Real estate brief

The pace of single-family home construction in California, as measured by building permits issued, has fallen about 30.4 percent during the first 10 months of the year compared to the same period last year, the California Building Industry Association reported today. The builders' trade group reported 20,645 single-family permits issued from January to October this year, compared to 29,671 for the same period last year. There were 2,017 single-family permits pulled during October, which is down an estimated 14.2 percent from October 2008 and down 9.2 percent from September 2009, according to data released by the state's Construction Industry Research Board. Total housing permits issued, which also includes multi-family housing, dropped 46.3 percent during the first 10 months of this year compared to the same period last year. Total permits dropped 32.9 percent in October 2009 compared to October 2008, and fell 5.5 percent from the previous month. No California metro areas ...